Common use of RIGHT TO WAIVE PURCHASE RESTRICTIONS Clause in Contracts

RIGHT TO WAIVE PURCHASE RESTRICTIONS. Notwithstanding any provision to the contrary in the Indenture or the Related Documents, upon the Trustee's receipt of notice from any Lessee, any Borrower or AFC-II (i) to the effect that a Manufacturer Program is no longer an Eligible Manufacturer Program and that, as a result, the Series 1998-1 Maximum Non-Program Vehicle Amount is or will be exceeded or (ii) that the Lessees, the Borrowers and AFC-II have determined to increase any Series 1998-1 Maximum Amount, (such notice, a "Waiver Request"), each Series 1998-1 Noteholder may, at its option, waive the Series 1998-1 Maximum Non-Program Vehicle Amount or any other Series 1998-1 Maximum Amount if (i) no Amortization Event exists, (ii) the Requisite Noteholders and the Surety Provider consent to such waiver and (iii) 60 days' prior, written notice of such proposed waiver is provided to the Rating Agencies by the Trustee. Upon receipt by the Trustee of a Waiver Request (a copy of which the Trustee shall promptly provide to the Rating Agencies), all amounts which would otherwise be allocated to the Series 1998-1 Excess Collection Account (collectively, the "Designated Amounts") from the date the Trustee receives a Waiver Request through the Consent Period Expiration Date will be held by the Trustee in the Series 1998-1 Collection Account for ratable distribution as described below.

RIGHT TO WAIVE PURCHASE RESTRICTIONS. Notwithstanding any provision to the contrary in the Indenture or the Related Documents, upon the Trustee's receipt of notice from any Lessee, any Borrower Leasing Company or AFC-II ARG (i) to the effect that a Manufacturer Program is no longer an a Series 1999-1 Eligible Manufacturer Program and that, as a result, the Series 19981999-1 Maximum Non-Program Vehicle Amount is or will be exceeded or (ii) that the Lessees, the Borrowers and AFC-II have ARG has determined to increase any Series 19981999-1 Maximum Amount, (such notice, a "Waiver Request"), each Series 19981999-1 Noteholder may, at its option, waive the Series 19981999-1 Maximum Non-Program Vehicle Amount Amount, or any other Series 19981999-1 Maximum Amount if (i) no Amortization Event exists, (ii) the Requisite Required Noteholders and the Surety Provider consent to such waiver and (iii) 60 days' prior, written notice of such proposed waiver is provided to the Rating Agencies by the Trustee. 61 61 Upon receipt by the Trustee of a Waiver Request (a copy of which the Trustee shall promptly provide to the Surety Provider and the Rating Agencies), all amounts which would otherwise be allocated to the Series 19981999-1 Excess Collection Account (collectively, the "Designated Amounts") from the date the Trustee receives a Waiver Request through the Consent Period Expiration Date will be held by the Trustee in the Series 19981999-1 Collection Account for ratable distribution as described below.